|  The Honourable Ken KrawetzDeputy PremierMinister of Finance |
|-------------------------------------------------------------------|
|                                                                   |
| SASKATCHEWAN BUDGET UPDATE10-11                                   |
|                                                              |
| BALANCED. FORWARD-LOOKING. RESPONSIBLE.                           |
| 3RD QUARTERFINANCIAL REPORT                                       |

|   |
|--------|

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| 3rd Quarter Financial ReportGovernment of SaskatchewanMarch 4, 2011 |
|---------------------------------------------------------------------|

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| 3rd Quarter Financial ReportGeneral Revenue Fund Update |
|---------------------------------------------------------|

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| ·   | much stronger than originally expected performance in the non-renewable resource sector; |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | robust growth in tax revenue; and, |
|--------------------|------------------------------------|

| ·   | the $195.0 million special Crown Investments Corporation dividend for the Children’s Hospital. |
|--------------------|------------------------------------------------------------------------------------------------------|

|   | Change in 2010-11 GRF Expense by Major Item                           |   |   |         |   |   |         |            |
|--------|-----------------------------------------------------------------------|--------|--------|--------------|--------|--------|--------------|-----------------|
|   | (millions of dollars)                                                 |   | Change |         |   | Total  |         |            |
|   | Expense - Budget Estimate                                             |   |   |         |   |   | 10,124.1     |            |   |
|   | Changes since Budget                                                  |   |   |         |   |   |         |            |   |
|   |   Third-party Capital                                       |   |   |         |   |   | + 481.5 |            |   |
|   |     Children's Hospital                           |   |   | + 195.0 |   |   |         |            |   |   |
|   |     School Capital and Block Funding              |   |   | + 60.0  |   |   |         |            |   |   |
|   |     Health Equipment Capital and Facility Repairs |   |   | + 55.3  |   |   |         |            |   |   |
|   |     Academic Health Sciences Centre               |   |   | + 50.0  |   |   |         |            |   |   |
|   |     Long-Term Care Projects                       |   |   | + 49.3  |   |   |         |            |   |   |
|   |     Social Housing Renovations                    |   |   | + 33.9  |   |   |         |            |   |   |
|   |     Municipal Roads for the Economy Program       |   |   | + 23.5  |   |   |         |            |   |   |
|   |     Other net changes                             |   |   | + 14.5  |   |   |         |            |   |   |
|   |   Weather-related costs                                     |   |   |         |   |   |         | + 186.0    |   |   |
|   |   Saskatchewan Surgical Initiative                          |   |   |         |   |   |         | + 40.4     |   |   |
|   |   Abandoned uranium mine cleanup costs                      |   |   |         |   |   |         | + 38.0     |   |   |
|   |   Other net changes                                         |   |   |         |   |   |         | + 77.5     |   |   |
|   | Total Change from Budget                                              |   |   |         |   |   |         | + 823.4    |   |   |
|   |                                                                  |   |   |         |   |   |         |            |   |   |
|   | Expense - Third Quarter Forecast                                      |   |   |         |   |   |         | + 10,947.5 |   |   |

| ·   | $195.0 million for the Children’s Hospital; |
|--------------------|---------------------------------------------------|

| ·   | $60.0 million for school capital; |
|--------------------|-----------------------------------|

| ·   | $50.0 million for the Academic Health Sciences Centre; |
|--------------------|--------------------------------------------------------|

| ·   | $49.3 million for the long-term care facilities; and, |
|--------------------|-------------------------------------------------------|

| ·   | $23.5 million for rural municipal roads. |
|--------------------|------------------------------------------|

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| ·   | meet $186.0 million in costs associated with the flooding in 2010; |
|--------------------|--------------------------------------------------------------------|

| ·   | advance $40.4 million in funding for the surgical waitlist initiative; and, |
|--------------------|-----------------------------------------------------------------------------|

| ·   | meet increased obligations to clean up abandoned uranium mines. |
|--------------------|-----------------------------------------------------------------|

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| ·   | revenue is up $1,037.6 million, or 10.4 per cent, from budget (up $311.4 million, or 2.9 per cent, from mid-year); and, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| ·   | expense is up $823.4 million, or 8.1 per cent, from budget (up $408.4 million, or 3.9 per cent, from mid-year). |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| 2010-11 GRF Financial Overview                                                                      |
|-----------------------------------------------------------------------------------------------------|
|                                                                                                |   | Budget |   |   | Mid-Year |   |   | 3rd Quarter |   |   | Change from |   |
|                                                                                                |   | Estimate |   |   | Projection |   |   | Forecast |   |   | Budget |   |   | Mid-Year |   |
|                                                                                                |   | (millions of dollars) |   |
| Revenue                                                                                             |   | $ | 9,949.9 |   |   | $ | 10,676.1 |   |   | $ | 10,987.5 |   |   | $ | 1,037.6 |   |   | $ | 311.4 |   |
| Expense                                                                                             |   |   | 10,124.1 |   |   |   | 10,539.1 |   |   |   | 10,947.5 |   |   |   | 823.4 |   |   |   | 408.4 |   |
| Pre-Transfer Surplus                                                                                |   |   | (174.2 | ) |   |   | 137.0 |   |   |   | 40.0 |   |   |   | 214.2 |   |   |   | (97.0 | ) |
| Transfer to GFSF                                                                                    |   |   | - |   |   |   | (68.5 | ) |   |   | (20.0 | ) |   |   | (20.0 | ) |   |   | 48.5 |   |
| Transfer from GFSF                                                                                  |   |   | 194.2 |   |   |   | - |   |   |   | - |   |   |   | (194.2 | ) |   |   | - |   |
| Net Transfer from (to) GFSF                                                                         |   |   | 194.2 |   |   |   | (68.5 | ) |   |   | (20.0 | ) |   |   | (214.2 | ) |   |   | 48.5 |   |
| GRF Surplus                                                                                         |   | $ | 20.0 |   |   | $ | 68.5 |   |   | $ | 20.0 |   |   | $ | - |   |   | $ | (48.5 | ) |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GFSF Balance*                                                                                       |   | $ | 510.8 |   |   | $ | 1,026.8 |   |   | $ | 978.3 |   |   | $ | 467.5 |   |   | $ | (48.5 | ) |
|                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Government Debt                                                                                     |   | $ | 4,145.3 |   |   | $ | 4,140.5 |   |   | $ | 4,140.5 |   |   | $ | (4.8 | ) |   | $ | - |   |
| * Mid-Year Projection and Third Quarter Forecast reflect actual 2010-11 opening balance of $958.3M. |   |

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|   |  Revenue Reconciliation                  |                        |
|--------|-----------------------------------------------|-----------------------------|
|   |  (millions of dollars)              |                        |
|   |  Budget Estimate                         | $  9,949.9   |   |
|   |  Changes at Mid-Year                     | + 726.2                |   |
|   |  Mid-Year Projection                     | $  10,676.1  |   |
|   |  Changes since Mid-Year:                 |                        |   |
|   |    Oil                         | + 89.1                 |   |
|   |    Corporation Income Tax      | + 44.3                 |   |
|   |    Potash                      | + 43.9                 |   |
|   |    Other Revenue               | + 59.0                 |   |
|   |    Provincial Sales Tax        | + 33.9                 |   |
|   |    Interest, Premium, Discount |                        |   |
|   |      And Exchange    | + 18.7                 |   |
|   |    Other net changes           | + 22.5                 |   |
|   |  Total Change since Mid-Year             | + 311.4                |   |
|   |                                          |                        |   |
|   |  3rd Quarter Forecast                    | $  10,987.5  |   |

----

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|   |  2010-11 Key Resource Forecast Assumptions |   |
|--------|-------------------------------------------------|--------|
|   |                                            |   | Budget |   |   | Mid-Year |   |   | 3rd Quarter |   |
|   |                                            |   | Estimate |   |   | Projection |   |   | Forecast |   |
|   | WTI Oil Price (US$ per barrel)                  |   |   | 77.50 |   |   |   | 80.51 |   |   |   | 81.85 |   |
|   | Exchange Rate (US cents)                        |   |   | 95.50 |   |   |   | 97.81 |   |   |   | 97.67 |   |
|   | Light-Heavy Differential (% of WTI)             |   |   | 22.0 |   |   |   | 19.0 |   |   |   | 16.2 |   |
|   | Well-head Oil Price (C$ per barrel)             |   |   | 63.40 |   |   |   | 64.68 |   |   |   | 67.24 |   |
|   | Oil Production (millions of barrels)            |   |   | 148.6 |   |   |   | 149.2 |   |   |   | 150.8 |   |
|   | Total Oil Revenue ($Millions)                   |   |   | 1,098.3 |   |   |   | 1,143.5 |   |   |   | 1,232.6 |   |
|   | Fieldgate Natural Gas Price (C$ per gigajoule)  |   |   | 4.40 |   |   |   | 3.50 |   |   |   | 3.39 |   |
|   | Total Natural Gas Revenue ($Millions)           |   |   | 42.2 |   |   |   | 27.4 |   |   |   | 25.6 |   |
|   | Potash Average Price (C$ per K2O tonne)         |   |   | 529 |   |   |   | 584 |   |   |   | 590 |   |
|   | Potash Average Price (US$ per KCI tonne)        |   |   | 308 |   |   |   | 349 |   |   |   | 351 |   |
|   | Potash Sales (million K2O tonnes)               |   |   | 8.1 |   |   |   | 9.0 |   |   |   | 9.8 |   |
|   | Total Potash Revenue ($Millions)                |   |   | 221.0 |   |   |   | 257.6 |   |   |   | 301.5 |   |

----

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|   |  Expense Reconciliation                      |                        |
|--------|---------------------------------------------------|-----------------------------|
|   |  (millions of dollars)                  |                        |
|   |  Budget Estimate                             | $  10,124.1  |   |
|   |  Changes at Mid-Year                         | + 415.0                |   |
|   |  Mid-Year Projection                         | $  10,539.1  |   |
|   |  Changes since Mid-Year:                     |                        |   |
|   |   Health                                | + 163.0                |   |
|   |   Advanced Education                    |                        |   |
|   |     Employment and            |                        |   |
|   |     Immigration               | + 78.1                 |   |
|   |   Education                             | + 68.3                 |   |
|   |   Social Services                       | + 42.1                 |   |
|   |   Energy and Resources                  |  + 38.1           |   |
|   |   Environment                           | + 37.0                 |   |
|   |   Highways and Infrastructure           | + 23.5                 |   |
|   |   Teachers’ Pensions and Benefits | + 14.6                 |   |
|   |   Corrections, Public Safety            |                        |   |
|   |     and Policing              | + 14.1                 |   |
|   |   Agriculture                           | - 54.1                 |   |
|   |   Municipal Affairs                     | - 19.3                 |   |
|   |   Other net changes                     | - 5.3                  |   |
|   |  Total Change since Mid-Year                 | + 408.4                |   |
|   |                                              |                        |   |
|   |  3rd Quarter Forecast                        | $  10,947.5  |   |

| ·   | Health is up $163.0 million from mid-year, primarily due to funding provided for the continuation of long-term care facility replacements, the Saskatchewan Surgical Initiative, medical equipment, facility repairs, electronic health record development, renovations at the Parkridge Long-Term Care facility and higher-than-anticipated program utilization. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Advanced Education, Employment and Immigration is up $78.1 million from mid-year, primarily due to funding for the Academic Health Sciences Centre project, university facility maintenance and the Inter-Vac project. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Education is up $68.3 million from mid-year, primarily due to increased expense for major school capital and block maintenance capital funding, and an increase to cover the costs of Local Implementation and Negotiations Committee (LINC) agreements. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Social Services is up $42.1 million from mid-year, primarily due to increases for social housing renovations, the 440 Waitlist Initiative for individuals with intellectual disabilities and new spaces in group homes for children. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Energy and Resources is up $38.1 million from mid-year, primarily due to an increase related to abandoned uranium mine cleanup. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Environment is up $37.0 million from mid-year in order to provide a 2011 spring flood prevention program and flooding assistance measures for the Waldsea Lake and Fishing Lake areas. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Highways and Infrastructure is up $23.5 million from mid-year for an increase in funding for the Municipal Roads for the Economy Program. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Education - Teachers’ Pensions and Benefits is up $14.6 million from mid-year, primarily due to increases for the Saskatchewan Teachers’ Retirement Plan and the Teachers’ Superannuation Plan. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Corrections, Public Safety and Policing is up $14.1 million from mid-year, primarily due to increases for claims under the Provincial Disaster Assistance Program. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Agriculture is down $54.1 million from mid-year, primarily due to lower-than-expected costs for the Province’s portion of the AgriStability Program, based on the most recent federal government forecasts for the 2010 program year. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Municipal Affairs is down $19.3 million from mid-year, primarily due to weather-related infrastructure project delays. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------|

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| GRF Debt                                            |
|-----------------------------------------------------|
|                                                |   |   |   |   | As at March 31, 2011 |   |   |   |   |   |   |   |
|                                                |   |   |   |   | Mid-Year |   |   | 3rd Quarter |   |   | Change from |   |
|                                                |   | 31-Mar-2010 |   |   | Projection |   |   | Forecast |   |   | 31-Mar-2010 |   |   | Mid-Year |   |
|                                                |   | (millions of dollars) |   |
| GRF Government General Public Debt                  |   | $ | 4,140.5 |   |   | $ | 4,140.5 |   |   | $ | 4,140.5 |   |   | $ | - |   |   | $ | - |   |
| GRF Crown Corporation Public Debt                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Crown Corporation General               |   |   | 818.7 |   |   |   | 844.3 |   |   |   | 687.6 |   |   |   | (131.1 | ) |   |   | (156.7 | ) |
|   Government Business Enterprise Specific |   |   | 3,033.4 |   |   |   | 3,526.0 |   |   |   | 3,540.9 |   |   |   | 507.5 |   |   |   | 14.9 |   |
| GRF Crown Corporation Public Debt                   |   | $ | 3,852.1 |   |   | $ | 4,370.3 |   |   | $ | 4,228.5 |   |   | $ | 376.4 |   |   | $ | (141.8 | ) |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| GRF Public Debt                                     |   | $ | 7,992.6 |   |   | $ | 8,510.8 |   |   | $ | 8,369.0 |   |   | $ | 376.4 |   |   | $ | (141.8 | ) |
| Guaranteed Debt                                     |   | $ | 17.1 |   |   | $ | 44.2 |   |   | $ | 42.7 |   |   | $ | 25.6 |   |   | $ | (1.5 | ) |

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| 2010-11 Third Quarter Financial Report        |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |
|-----------------------------------------------|--------|------------------------|-----------|--------|------------|--------|------------|-------------|--------|--------|-------------|--------|--------|----------|-----------|
| Province of Saskatchewan                      |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |
| General Revenue Fund                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |
| Statement of Revenue                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |
|                                          |   | Budget                 |      |   | Mid-Year   |   |       | 3rd Quarter |   |   | Change from |   |
|                                          |   | Estimate               |      |   | Projection |   |       | Forecast    |   |   | Budget      |   |   | Mid-Year |      |
|                                          |   | (thousands of dollars) |      |
|                                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |
| Corporation Income                            |   | $                      | 762,500   |   |       | $      | 1,102,900  |        |   | $      | 1,147,200   |   |   | $        | 384,700   |   |   | $ | 44,300 |   |
| Fuel                                          |   |                   | 452,700   |   |       |   | 445,700    |        |   |   | 445,700     |   |   |     | (7,000    | ) |   |   | - |   |
| Individual Income                             |   |                   | 1,964,700 |   |       |   | 1,795,700  |        |   |   | 1,790,100   |   |   |     | (174,600  | ) |   |   | (5,600 | ) |
| Provincial Sales                              |   |                   | 1,186,300 |   |       |   | 1,186,300  |        |   |   | 1,220,200   |   |   |     | 33,900    |   |   |   | 33,900 |   |
| Tobacco                                       |   |                   | 235,100   |   |       |   | 239,700    |        |   |   | 248,200     |   |   |     | 13,100    |   |   |   | 8,500 |   |
| Other                                         |   |                   | 257,900   |   |       |   | 257,900    |        |   |   | 274,500     |   |   |     | 16,600    |   |   |   | 16,600 |   |
| Taxes                                         |   | $                      | 4,859,200 |   |       | $      | 5,028,200  |        |   | $      | 5,125,900   |   |   | $        | 266,700   |   |   | $ | 97,700 |   |
|                                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |   |   |   |   |   |
| Crown Land Sales                              |   | $                      | 202,800   |   |       | $      | 455,500    |        |   | $      | 466,700     |   |   | $        | 263,900   |   |   | $ | 11,200 |   |
| Natural Gas                                   |   |                   | 42,200    |   |       |   | 27,400     |        |   |   | 25,600      |   |   |     | (16,600   | ) |   |   | (1,800 | ) |
| Oil                                           |   |                   | 1,098,300 |   |       |   | 1,143,500  |        |   |   | 1,232,600   |   |   |     | 134,300   |   |   |   | 89,100 |   |
| Potash                                        |   |                   | 221,000   |   |       |   | 257,600    |        |   |   | 301,500     |   |   |     | 80,500    |   |   |   | 43,900 |   |
| Resource Surcharge                            |   |                   | 398,700   |   |       |   | 398,700    |        |   |   | 398,700     |   |   |     | -         |   |   |   | - |   |
| Other                                         |   |                   | 145,000   |   |       |   | 141,200    |        |   |   | 137,600     |   |   |     | (7,400    | ) |   |   | (3,600 | ) |
| Non-Renewable Resources                       |   | $                      | 2,108,000 |   |       | $      | 2,423,900  |        |   | $      | 2,562,700   |   |   | $        | 454,700   |   |   | $ | 138,800 |   |
|                                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |   |   |   |   |   |
| Crown Investments Corporation of Saskatchewan |   | $                      | 266,000   |   |       | $      | 266,000    |        |   | $      | 266,000     |   |   | $        | -         |   |   | $ | - |   |
|   - Special Dividend                |   |                   | 10,000    |   |       |   | 205,000    |        |   |   | 213,500     |   |   |     | 203,500   |   |   |   | 8,500 |   |
| Saskatchewan Liquor and Gaming Authority      |   |                   | 445,600   |   |       |   | 436,300    |        |   |   | 435,100     |   |   |     | (10,500   | ) |   |   | (1,200 | ) |
| Other Enterprises and Funds                   |   |                   | 46,900    |   |       |   | 45,300     |        |   |   | 42,200      |   |   |     | (4,700    | ) |   |   | (3,100 | ) |
| Transfers from Crown Entities                 |   | $                      | 768,500   |   |       | $      | 952,600    |        |   | $      | 956,800     |   |   | $        | 188,300   |   |   | $ | 4,200 |   |
|                                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |   |   |   |   |   |
| Fines, Forfeits and Penalties                 |   | $                      | 11,800    |   |       | $      | 12,800     |        |   | $      | 13,400      |   |   | $        | 1,600     |   |   | $ | 600 |   |
| Interest, Premium, Discount and Exchange      |   |                   | 134,300   |   |       |   | 184,600    |        |   |   | 203,300     |   |   |     | 69,000    |   |   |   | 18,700 |   |
| Motor Vehicle Fees                            |   |                   | 152,400   |   |       |   | 160,600    |        |   |   | 160,600     |   |   |     | 8,200     |   |   |   | - |   |
| Other Licences and Permits                    |   |                   | 27,100    |   |       |   | 28,300     |        |   |   | 28,500      |   |   |     | 1,400     |   |   |   | 200 |   |
| Sales, Services and Service Fees              |   |                   | 108,300   |   |       |   | 132,300    |        |   |   | 127,200     |   |   |     | 18,900    |   |   |   | (5,100 | ) |
| Transfers from Other Governments              |   |                   | 15,600    |   |       |   | 15,600     |        |   |   | 15,800      |   |   |     | 200       |   |   |   | 200 |   |
| Other                                         |   |                   | 65,000    |   |       |   | 65,000     |        |   |   | 124,000     |   |   |     | 59,000    |   |   |   | 59,000 |   |
| Other Revenue                                 |   | $                      | 514,500   |   |       | $      | 599,200    |        |   | $      | 672,800     |   |   | $        | 158,300   |   |   | $ | 73,600 |   |
| Own-Source Revenue                            |   | $                      | 8,250,200 |   |       | $      | 9,003,900  |        |   | $      | 9,318,200   |   |   | $        | 1,068,000 |   |   | $ | 314,300 |   |
|                                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |   |   |   |   |   |
| Canada Health Transfer                        |   | $                      | 811,800   |   |       | $      | 795,400    |        |   | $      | 795,400     |   |   | $        | (16,400   | ) |   | $ | - |   |
| Canada Social Transfer                        |   |                   | 342,400   |   |       |   | 342,600    |        |   |   | 342,600     |   |   |     | 200       |   |   |   | - |   |
| Other                                         |   |                   | 545,500   |   |       |   | 534,200    |        |   |   | 531,300     |   |   |     | (14,200   | ) |   |   | (2,900 | ) |
| Transfers from the Government of Canada       |   | $                      | 1,699,700 |   |       | $      | 1,672,200  |        |   | $      | 1,669,300   |   |   | $        | (30,400   | ) |   | $ | (2,900 | ) |
| Revenue                                       |   | $                      | 9,949,900 |   |       | $      | 10,676,100 |        |   | $      | 10,987,500  |   |   | $        | 1,037,600 |   |   | $ | 311,400 |   |
|                                          |   |                   |      |   |       |   |       |        |   |   |        |   |   |     |      |   |   |   |   |   |

----

----

| 2010-11 Third Quarter Financial Report                                                                                                               |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|------------|--------|------------|--------|------------|-------------|--------|--------|-------------|--------|--------|----------|---------|
| Province of Saskatchewan                                                                                                                             |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |
| General Revenue Fund                                                                                                                                 |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |
| Statement of Expense                                                                                                                                 |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |
|                                                                                                                                                 |   | Budget                 |       |   | Mid-Year   |   |       | 3rd Quarter |   |   | Change from |   |
|                                                                                                                                                 |   | Estimate               |       |   | Projection |   |       | Forecast    |   |   | Budget      |   |   | Mid-Year |    |
|                                                                                                                                                 |   | (thousands of dollars) |       |
|                                                                                                                                                 |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |
| Executive Branch of Government                                                                                                                       |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |
| Advanced Education, Employment and Immigration *                                                                                                     |   | $                      | 846,131    |   |       | $      | 857,381    |        |   | $      | 935,440     |   |   | $        | 89,309  |   |   | $ | 78,059 |   |
| Agriculture                                                                                                                                          |   |                   | 385,776    |   |       |   | 529,776    |        |   |   | 475,667     |   |   |     | 89,891  |   |   |   | (54,109 | ) |
| Corrections, Public Safety and Policing                                                                                                              |   |                   | 336,205    |   |       |   | 365,006    |        |   |   | 379,112     |   |   |     | 42,907  |   |   |   | 14,106 |   |
| Education                                                                                                                                            |   |                   | 1,135,599  |   |       |   | 1,144,102  |        |   |   | 1,212,376   |   |   |     | 76,777  |   |   |   | 68,274 |   |
|    - Teachers' Pensions and Benefits                                                                                                  |   |                   | 176,815    |   |       |   | 177,692    |        |   |   | 192,275     |   |   |     | 15,460  |   |   |   | 14,583 |   |
| Energy and Resources                                                                                                                                 |   |                   | 37,720     |   |       |   | 38,320     |        |   |   | 76,445      |   |   |     | 38,725  |   |   |   | 38,125 |   |
| Enterprise and Innovation Programs                                                                                                                   |   |                   | 9,547      |   |       |   | 23,600     |        |   |   | 24,400      |   |   |     | 14,853  |   |   |   | 800 |   |
| Enterprise Saskatchewan                                                                                                                              |   |                   | 37,036     |   |       |   | 37,036     |        |   |   | 40,036      |   |   |     | 3,000   |   |   |   | 3,000 |   |
| Environment                                                                                                                                          |   |                   | 174,299    |   |       |   | 182,299    |        |   |   | 219,314     |   |   |     | 45,015  |   |   |   | 37,015 |   |
| Executive Council                                                                                                                                    |   |                   | 12,177     |   |       |   | 12,070     |        |   |   | 11,996      |   |   |     | (181    | ) |   |   | (74 | ) |
| Finance                                                                                                                                              |   |                   | 60,353     |   |       |   | 60,353     |        |   |   | 58,448      |   |   |     | (1,905  | ) |   |   | (1,905 | ) |
|    - Public Service Pensions and Benefits                                                                                             |   |                   | 264,474    |   |       |   | 264,474    |        |   |   | 262,342     |   |   |     | (2,132  | ) |   |   | (2,132 | ) |
| Finance Debt Servicing                                                                                                                               |   |                   | 435,000    |   |       |   | 430,000    |        |   |   | 430,000     |   |   |     | (5,000  | ) |   |   | - |   |
| First Nations and Métis Relations                                                                                                               |   |                   | 85,740     |   |       |   | 75,040     |        |   |   | 73,590      |   |   |     | (12,150 | ) |   |   | (1,450 | ) |
| Government Services                                                                                                                                  |   |                   | 12,472     |   |       |   | 12,472     |        |   |   | 9,972       |   |   |     | (2,500  | ) |   |   | (2,500 | ) |
| Health                                                                                                                                               |   |                   | 4,202,106  |   |       |   | 4,404,656  |        |   |   | 4,567,652   |   |   |     | 365,546 |   |   |   | 162,996 |   |
| Highways and Infrastructure                                                                                                                          |   |                   | 402,939    |   |       |   | 402,939    |        |   |   | 426,439     |   |   |     | 23,500  |   |   |   | 23,500 |   |
| Information Technology Office                                                                                                                        |   |                   | 16,472     |   |       |   | 16,472     |        |   |   | 16,472      |   |   |     | -       |   |   |   | - |   |
| Innovation Saskatchewan                                                                                                                              |   |                   | 1,318      |   |       |   | 1,318      |        |   |   | 9,818       |   |   |     | 8,500   |   |   |   | 8,500 |   |
| Justice and Attorney General                                                                                                                         |   |                   | 140,350    |   |       |   | 143,739    |        |   |   | 146,822     |   |   |     | 6,472   |   |   |   | 3,083 |   |
| Municipal Affairs                                                                                                                                    |   |                   | 382,207    |   |       |   | 382,207    |        |   |   | 362,884     |   |   |     | (19,323 | ) |   |   | (19,323 | ) |
| Office of the Provincial Capital Commission                                                                                                          |   |                   | 10,082     |   |       |   | 10,082     |        |   |   | 10,182      |   |   |     | 100     |   |   |   | 100 |   |
| Office of the Provincial Secretary                                                                                                                   |   |                   | 3,417      |   |       |   | 3,417      |        |   |   | 3,477       |   |   |     | 60      |   |   |   | 60 |   |
| Public Service Commission                                                                                                                            |   |                   | 36,873     |   |       |   | 36,873     |        |   |   | 36,873      |   |   |     | -       |   |   |   | - |   |
| Saskatchewan Research Council                                                                                                                        |   |                   | 16,633     |   |       |   | 16,633     |        |   |   | 16,633      |   |   |     | -       |   |   |   | - |   |
| Social Services                                                                                                                                      |   |                   | 753,703    |   |       |   | 764,113    |        |   |   | 806,253     |   |   |     | 52,550  |   |   |   | 42,140 |   |
| Tourism, Parks, Culture and Sport                                                                                                                    |   |                   | 110,071    |   |       |   | 107,920    |        |   |   | 103,925     |   |   |     | (6,146  | ) |   |   | (3,995 | ) |
|                                                                                                                                                 |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |   |   |   |   |   |
| Legislative Branch of Government                                                                                                                     |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |   |   |   |   |   |
| Chief Electoral Officer                                                                                                                              |   |                   | 1,679      |   |       |   | 1,927      |        |   |   | 1,927       |   |   |     | 248     |   |   |   | - |   |
| Children's Advocate                                                                                                                                  |   |                   | 1,621      |   |       |   | 1,697      |        |   |   | 1,697       |   |   |     | 76      |   |   |   | - |   |
| Conflict of Interest Commissioner                                                                                                                    |   |                   | 156        |   |       |   | 256        |        |   |   | 306         |   |   |     | 150     |   |   |   | 50 |   |
| Information and Privacy Commissioner                                                                                                                 |   |                   | 927        |   |       |   | 977        |        |   |   | 977         |   |   |     | 50      |   |   |   | - |   |
| Legislative Assembly                                                                                                                                 |   |                   | 23,950     |   |       |   | 23,950     |        |   |   | 23,450      |   |   |     | (500    | ) |   |   | (500 | ) |
| Ombudsman                                                                                                                                            |   |                   | 2,221      |   |       |   | 2,294      |        |   |   | 2,294       |   |   |     | 73      |   |   |   | - |   |
| Provincial Auditor                                                                                                                                   |   |                   | 8,017      |   |       |   | 8,017      |        |   |   | 8,017       |   |   |     | -       |   |   |   | - |   |
|                                                                                                                                                 |   |                   |       |   |       |   |       |        |   |   |        |   |   |     |    |   |   |   |   |   |
| Expense                                                                                                                                              |   | $                      | 10,124,086 |   |       | $      | 10,539,108 |        |   | $      | 10,947,511  |   |   | $        | 823,425 |   |   | $ | 408,403 |   |
| * Includes the appropriations for which administration has been transferred to the Ministry of Labour Relations and the Ministry of Social Services. |   |

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| 2010-11 Third Quarter Financial Report              |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |
|-----------------------------------------------------|--------|------------------------|------------|--------|----------------------|--------|------------|-------------|--------|--------|-------------|--------|--------|----------|----------|
| Province of Saskatchewan                            |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |
| General Revenue Fund                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |
| Statement of Debt                                   |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |
|                                                |   |                   |       |   | As at March 31, 2011 |   |       |        |   |   |        |   |
|                                                |   |                   |       |   | Mid-Year             |   |       | 3rd Quarter |   |   | Change from |   |
|                                                |   | 31-Mar-2010            |       |   | Projection           |   |       | Forecast    |   |   | 31-Mar-2010 |   |   | Mid-Year |     |
|                                                |   | (thousands of dollars) |       |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |
| Government General Public Debt                      |   | $                      | 4,140,482  |   |                 | $      | 4,140,482  |        |   | $      | 4,140,482   |   |   | $        | -        |   |   | $ | - |   |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Crown Corporation General Public Debt               |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Information Services Corporation                    |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
|    of Saskatchewan                   |   | $                      | 13,547     |   |                 | $      | 13,547     |        |   | $      | 13,547      |   |   | $        | -        |   |   | $ | - |   |
| Municipal Financing Corporation                     |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
|    of Saskatchewan                   |   |                   | 6,356      |   |                 |   | 11,356     |        |   |   | 11,356      |   |   |     | 5,000    |   |   |   | - |   |
| Saskatchewan Housing Corporation                    |   |                   | 31,649     |   |                 |   | 30,140     |        |   |   | 29,864      |   |   |     | (1,785   | ) |   |   | (276 | ) |
| Saskatchewan Opportunities Corporation              |   |                   | 34,536     |   |                 |   | 39,178     |        |   |   | 36,172      |   |   |     | 1,636    |   |   |   | (3,006 | ) |
| Saskatchewan Power Corporation                      |   |                   | 398,953    |   |                 |   | 206,860    |        |   |   | 97,833      |   |   |     | (301,120 | ) |   |   | (109,027 | ) |
| Saskatchewan Telecommunications                     |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
|    Holding Corporation               |   |                   | 29,500     |   |                 |   | 90,900     |        |   |   | 68,500      |   |   |     | 39,000   |   |   |   | (22,400 | ) |
| Saskatchewan Water Corporation                      |   |                   | 50,973     |   |                 |   | 67,062     |        |   |   | 51,374      |   |   |     | 401      |   |   |   | (15,688 | ) |
| SaskEnergy Incorporated                             |   |                   | 253,237    |   |                 |   | 385,311    |        |   |   | 378,969     |   |   |     | 125,732  |   |   |   | (6,342 | ) |
| Crown Corporation General Public Debt               |   | $                      | 818,751    |   |                 | $      | 844,354    |        |   | $      | 687,615     |   |   | $        | (131,136 | ) |   | $ | (156,739 | ) |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Government Business Enterprise Specific Public Debt |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |
| Municipal Financing Corporation                     |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
|    of Saskatchewan                   |   | $                      | 90,154     |   |                 | $      | 104,756    |        |   | $      | 104,737     |   |   | $        | 14,583   |   |   | $ | (19 | ) |
| Saskatchewan Gaming Corporation                     |   |                   | 6,000      |   |                 |   | 6,000      |        |   |   | 6,000       |   |   |     | -        |   |   |   | - |   |
| Saskatchewan Power Corporation                      |   |                   | 2,117,440  |   |                 |   | 2,608,324  |        |   |   | 2,574,781   |   |   |     | 457,341  |   |   |   | (33,543 | ) |
| Saskatchewan Telecommunications                     |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
|    Holding Corporation               |   |                   | 255,616    |   |                 |   | 321,036    |        |   |   | 370,229     |   |   |     | 114,613  |   |   |   | 49,193 |   |
| SaskEnergy Incorporated                             |   |                   | 564,207    |   |                 |   | 485,896    |        |   |   | 485,206     |   |   |     | (79,001  | ) |   |   | (690 | ) |
| Government Business Enterprise Specific Public Debt |   | $                      | 3,033,417  |   |                 | $      | 3,526,012  |        |   | $      | 3,540,953   |   |   | $        | 507,536  |   |   | $ | 14,941 |   |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Public Debt                                         |   | $                      | 7,992,650  |   |                 | $      | 8,510,848  |        |   | $      | 8,369,050   |   |   | $        | 376,400  |   |   | $ | (141,798 | ) |
|                                      |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Public Debt by Category                             |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Government General Gross Debt                       |   | $                      | 6,427,008  |   |                 | $      | 6,092,265  |        |   | $      | 6,119,483   |   |   | $        | (307,525 | ) |   | $ | 27,218 |   |
| Government General Sinking Funds                    |   |                   | (2,286,526 | )      |                 |   | (1,951,783 | )           |   |   | (1,979,001  | )      |   |     | 307,525  |   |   |   | (27,218 | ) |
| Government General Public Debt                      |   | $                      | 4,140,482  |   |                 | $      | 4,140,482  |        |   | $      | 4,140,482   |   |   | $        | -        |   |   | $ | - |   |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Crown Corporation Gross Debt                        |   | $                      | 4,263,017  |   |                 | $      | 4,816,917  |        |   | $      | 4,681,117   |   |   | $        | 418,100  |   |   | $ | (135,800 | ) |
| Crown Corporation Sinking Funds                     |   |                   | (410,849   | )      |                 |   | (446,551   | )           |   |   | (452,549    | )      |   |     | (41,700  | ) |   |   | (5,998 | ) |
| Crown Corporation Public Debt                       |   | $                      | 3,852,168  |   |                 | $      | 4,370,366  |        |   | $      | 4,228,568   |   |   | $        | 376,400  |   |   | $ | (141,798 | ) |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Public Debt                                         |   | $                      | 7,992,650  |   |                 | $      | 8,510,848  |        |   | $      | 8,369,050   |   |   | $        | 376,400  |   |   | $ | (141,798 | ) |
|                                                |   |                   |       |   |                 |   |       |        |   |   |        |   |   |     |     |   |   |   |   |   |
| Guaranteed Debt                                     |   | $                      | 17,058     |   |                 | $      | 44,248     |        |   | $      | 42,748      |   |   | $        | 25,690   |   |   | $ | (1,500 | ) |

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